Indian rupee strengthened against the US dollar on Wednesday on account of some selling in American currency from banks and exporters amid sustained foreign fund inflows. Further, firm domestic stock markets also boosted the rupee. The rupee had weakened yesterday amid fears of escalation in geopolitical tensions, following Indian fighter jets' air strikes on Pakistan-based terror camps. On the domestic front, data showed India’s fiscal deficit stood at 121.5 percent of the budgeted estimate of Rs 6.24 lakh crore for 2018-19. The gap was 112.4 percent in December and 113.7 percent in January 2018. On the global front, the dollar remained near a three-week low after Federal Reserve Chairman Jerome Powell reiterated that the central bank would stay patient on monetary policy and as the pound rallied.
The partially convertible currency is currently trading at 71.00, stronger by 7 paise from its previous close of 71.07 on Tuesday. The currency touched a high and low of 71.0800 and 70.9400 respectively. The reference rate for the dollar stood at 71.09 and for Euro stood at 80.74 on February 26, 2019. While the reference rate for the Yen stood at 64.16, the reference rate for the Great Britain Pound (GBP) stood at 93.35.
| Date | 1US$ | 1GBP |
| February 26, 2019 | 71.0952 | 93.3594 |
| February 25, 2019 | 71.0420 | 92.8808 |
(Reference Rate)
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